For the data set of odometer readings and asking price of used cars described in Exercise 6, check the requirements for regression. Would it be appropriate to use the odometer reading to predict the asking price for these used cars? If so, predict the asking price for one of these cars that has 50,000 kilometres on the odometer (with 95% confidence).
Answer to relevant QuestionsThe Standard and Poor's Toronto Stock Exchange Composite Price Index (TSX) measures the performance of the broad Canadian stock market. The Dow Jones Industrial Average (DJI) tracks the performance of the U.S. stock market. ...Conduct a test of the significance of the overall model for the salaries model which includes all explanatory variables. Test the significance of the individual explanatory variables. What does this tell you? Use the salaries model based on years of postsecondary education and age to make a 95% confidence interval estimate of the average salary for individuals who are 35 years old and have five years of postsecondary education. ...Examine the data set for credit card bills. Create a regression model for credit card bills based on income. Compare this with the regression model for credit card bills based on income and the gender of the head of ...Examine the residual plots produced by Excel for the Salaries multiple regression model that you built for Develop Your Skills 14.2, Exercise 4, which included years of postsecondary education and age as explanatory ...
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